Would M&As eliminate independent Indian agencies altogether?
It looks tough for them certainly. If you were to look at the top 10 agencies, they are all affiliated to foreign companies, except for Madison, which is a great case in itself. Global alignments of MNCs, which have come into the country, have a huge role to play. These MNC accounts will automatically go to the globally aligned agencies in India too. This makes a big difference. Also, there aren’t too many indigenous Indian clients. Some Indian clients like All Out, Paras and Manikchand are still there, but they have been overshadowed by the multi-nationals.
